IAC price target lowered to $57 from $60 at Benchmark

Benchmark lowered the firm’s price target on IAC (IAC) to $57 from $60 and keeps a Buy rating on the shares. On the earnings call, IAC says People and MGM are the only two core assets and that the company intends to get leaner over time, notes the analyst, who argues that “in the span of 24 hours, IAC went from really cheap without an identifiable catalyst to everything is on the table and they might have some meaningful announcements from an asset sale, business win, or legal perspective in the next 12-18 months.”